The financial ratings agency Fitch has maintained the long-term and short-term debt ratings of Novo Banco at ‘BBB’ and ‘F2’, respectively, while upgrading the outlook to “positive,” as stated in a communication from Novo Banco to the Comissão do Mercado de Valores Mobiliários (CMVM).
This adjustment in outlook suggests that the bank’s debt quality assessment might be reviewed upward.
“This financial rating action reflects Fitch’s perspective that Novo Banco, if acquired by Groupe BPCE, will likely benefit from the support of a shareholder with a superior financial rating,” the bank explained in the same communication to investors.
The French group BPCE, which signed a memorandum of understanding with Nani Holdings on June 13 for the acquisition of Novo Banco, currently holds a rating of “A” with a “stable” outlook.
According to Novo Banco, Moody’s, another rating agency, reaffirmed the bank’s financial ratings, indicating a potential improvement “if the acquisition by Groupe BPCE is successfully completed.”
Novo Banco changes hands. What is known?
Lone Star has reached an agreement with the French banking group BPCE to sell the Portuguese banking institution for an amount equivalent to a valuation of 6.4 billion euros.
Lone Star stated it “signed a Memorandum of Understanding to sell its shareholding position to BPCE, for an amount equivalent to a valuation of approximately 6.4 billion euros, at the end of 2025, for 100% of the share capital,” as read in a statement sent to the CMVM.
Groupe BPCE is positioned as the second largest banking group in France and the fourth largest in the eurozone in terms of equity, employing 100,000 workers and serving 35 million clients worldwide.
The transaction’s completion is expected in the first half of 2026.

What is known about the deal? Who is the group buying Novo Banco? How is the transaction viewed? We explain everything in this article.
Beatriz Vasconcelos with Lusa | 08:04 – 17/06/2025
For Novo Banco, the majority shareholder’s decision to proceed with a direct sale to BPCE “represents a strategic opportunity, positioning Novo Banco to integrate one of the largest and most solid financial groups in Europe.”
“By integrating Novo Banco into the Group, alongside the Banque Populaire and Caisse d’Epargne banking networks, BPCE will strengthen its role as an important partner in the development of the Portuguese economy,” it pointed out.
Novo Banco notes that the announced transaction “concludes the transformation process” of the banking institution, “making it one of the most profitable banks in Europe, with a medium-term return on tangible equity (RoTE) target, exceeding 20%.”
“This transaction strengthens our mission to support Portuguese families and businesses, deepens our commitment to the national economy, and ensures a long-term future based on solidity, trust, and a shared ambition. This is a great moment for Novo Banco, and we move forward with renewed confidence and a clear purpose,” stated Mark Bourke.